Written off judgment?

[jivepepper]

I have a judgment against me for a car I defaulted on. I worked out a payment plan agreement with the lender and was paying 200 a month for 2 years, but after a illness in the family I missed about 5 payments.

I still owe about 3000 including about 2200 in fees/interest and what not. My mother was the one sick, and she offered them a 1800 settlement. She was also the co signer. We never heard anything back for over 2 months.

Well finally my question. I was checking my credit score and noticed the loan was written off. Can they still try to collect? Would they be likely too?

I noticed it was at the end of this year so I suppose it was written off as a tax write off for the bank also. It was only written off for 800 which was all that was actually left of the principal out of $13000.00

I collect SSI and only have a total of $1750.00 in assets because I'm a co owner of a car that blue books for $3500.00.

Should I worry? I would still like to work out a payment plan just not such a big payment. Maybe $75-100 a month.

Thanks for any info.

[frogger]

Some may consider a judgment to be "written off", however a judgment is active unless one of the following conditions are met:

1. Satisfied
2. Dismissed

[AngelinaCatHub]

It's too bad Mom is on the note too. The "write off" you talked about is only a bookkeeping entry to balance their P & L statement. The Judgment stands and still stands after your bk if you are in bk. You must actually submit the request to the Court to have the Judgment set aside. If you do that, Mom is still stuck with the liability unless you both file. You must file two separate bk's as of course you are not married. LOL. Hope that helps, and yes attempt to offer a full settlement but be SURE to get a release of lien on the spot or Satisfaction of the Judgment. 'Hub

[junker]

in a lot of states, judgments are good for 10 years, and can be renewed for another 10, But they have to be renewed before they expire. if you are collection proof, dont worry about them, i have had quite a few, and none were ever renewed.

[GoingDown]

Some may consider a judgment to be "written off", however a judgment is active unless one of the following conditions are met:

1. Satisfied
2. Dismissed

Or out of statute.

In Arizona, judgments have a life of only 5 years unless they are renewed and most of them are never renewed.

[BigJohn]

What State is the original poster in?

Does your Mom work?

[jivepepper]

What State is the original poster in?

Does your Mom work?

Maryland. She's semi retired worked weekends until 3 months ago before she had a severe heart attack, She's still has a job waiting for her when she has been rehabilitate. dealing with autistic people.